President Donald Trump made the statement aboard Air Force One on 7/3, as a week-long conflict in the Middle East disrupted oil and gas supply chains, causing tension in the global energy market.
"There is a lot of oil out there. That will be resolved very quickly", he stated without providing further details. He also asserted that the US holds "huge" oil reserves.
Brent crude oil prices rose 8.5% to over 92 USD a barrel. US WTI crude also increased by 12%, surpassing 90 USD. Across the US, the national average gasoline price was about 3.41 USD a gallon on 7/3, an increase of about 43 cents from a week prior, according to the American Automobile Association (AAA).
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President Donald Trump speaks with reporters aboard Air Force One on 7/3. *Photo: AP* |
When asked about other ways to ease market tension, such as utilizing the Strategic Petroleum Reserve (SPR), President Trump stated he "does not support" this. He also criticized his predecessor, Joe Biden, for drawing down the reserves.
The Strategic Petroleum Reserve (SPR) is a system of underground salt caverns in Texas and Louisiana, capable of holding over 700 million barrels of oil, though it is not currently fully filled. According to the US Department of Energy, as of the end of february, the reserve contained over 415 million barrels of oil, an increase from about 395 million barrels at the same time in 2025.
The reserve was established following the Arab oil embargo in the 1970s, intended to provide the US with an emergency oil supply. Department of Energy data indicates that the reserve's oil volume peaked over 15 years ago, at one point exceeding 726.6 million barrels.
Previously, on 3/3, Trump announced that the US would provide insurance for oil tankers operating in the Gulf region to maintain maritime traffic through the Strait of Hormuz. Experts, however, expressed skepticism about the effectiveness of this effort.
Three days later, US Treasury Secretary Scott Bessent unveiled a new measure, stating that India could purchase crude oil and petroleum products from Russia until 4/4. Bessent described this as a "temporary measure" to alleviate market pressure.
Phi An (via AP)
